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nue.

Surplus reve- be entitled to a fair and equitable portion of the funds now hereby or hereafter allotted to the county of Burlington as surplus revenue of the United States.

9. And be it enacted, That this act shall be considered a public act, and shall take effect immediately. Approved March 17, 1870.

Corporate name, and powers.

Provise.

Amount of capital stock.

CHAPTER CCCCXLIV.

An Act to incorporate the Home Insurance Company of New
Jersey.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders in the capital stock hereinafter mentioned, their successors and assigns, are hereby constituted and made a body politic and corporate, by the name and style of "The Home Insurance Company of New Jersey," and by that name shall be known in law, and have power to sue and be sued, to defend and be defended in all courts, whether in law or in equity, and by that name, may have, purchase, possess and enjoy to them and their successors, lands, tenements and hereditaments, goods, chattels and effects of what nature or kind soever, necessary for the purposes of this corporation, and the same to grant, devise, alien and dispose of at pleasure for the benefit of the said company; and may also have a common seal, and the same to alter and renew at pleasure; and also have perpetual succession; and also to create and establish such by-laws, rules and regulations, and appoint such officers and committees, and delegate to them such powers as they shall deem necessary and expedient for the government of the said corporation, and to put the same in execution; provided, the same be not contrary to the laws of this state.

2. And be it enacted, That the capital stock of said company shall be three hundred thousand dollars, and shall be

divided into shares of fifty dollars each, with the privilege to increase the said capital stock to one million dollars, and the said company shall not commence business until fifty thousand dollars of said stock shall be paid in.

3. And be it enacted, That the business, property and affairs of said company shall be managed and conducted by Election of di such directors, not less than seven nor more than fifteen in rectors, &c. number, a majority of whom shall be citizens of New Jersey, as may be elected for that purpose; a majority of said directors shall form a quorum, which directors shall hold their office for one year, and until others shall be chosen at the office of the company, public notice of which shall be given. for one week in one or more of the papers published in Jersey City, and each share of stock shall entitle its owner to one vote at each election, which may be given either in person or by proxy.

4. And be it enacted, That the board of directors shall have power to appoint a president, vice president, treasurer Officers. and secretary, and such other officers and agents as they may deem necessary for carrying on the business of the company, and to allow them such compensation for their services as may in their judgment be deemed reasonable.

ers to open

books.

5. And be it enacted, That James Soper, Delos E. Culver, Robert S. Smith, Daniel S. Sinclair and Waldron H. Dame Commissionare hereby appointed commissioners to receive subscriptions subscription to the capital stock of said company, and that as soon as one thousand shares are subscribed, the said commissioners, or a majority of them, shall, by public notice, published in one or more of the papers published in Jersey City for one week, call a meeting of the stockholders for the purpose of choosing the first board of directors.

sured.

6. And be it enacted, That it shall and may be lawful for said company to insure houses and other buildings and pro Property that perty against loss or damage by fire, upon such terms and may be inconditions as shall be contained in the policy of insurance, and may also insure ships and other vessels, rights, interests and property against every description of casualty incident to marine and inland transportation.

7. And be it enacted, That all policies or contracts founded thereon, which shall be made and entered into by said com- Policies of inpany, may be made under or without the seal thereof, and shall be subscribed by the president or vice president, or by

surance.

May purchase and hold real estate.

Stock transferable.

Dividends.

such other officer as may be designated for that purpose by the said company, and attested by the secretary, and being so subscribed and attested shall be obligatory upon the said company according to the tenor, intent and meaning thereof, and of such like policies or contracts.

8. And be it enacted, That it shall and may be lawful for said company to purchase and hold such and so much real. estate as shall be necessary for their convenient accommodation in the transaction of their business, and also to take and hold any real estate or securities, bona fide mortgaged or pledged to said company, to secure the payment of any debt which may be contracted with them, and also to proceed on said mortgage or other securities for the recovery of the moneys thereby secured either at law or in equity, and to purchase on sales made under such proceedings or otherwise, to take and receive any real estate in payment toward satisfaction of any debt previously contracted with or due to said company, and the real estate to mortgage, sell, exchange or otherwise to dispose of, and said company may invest their capital and accumulating premiums, from time to time, in public stocks, bonds, notes, mortgages, and such other se curities as the directors may approve.

9. And be it enacted, That the stock of said company shall be deemed to be personal property, and shall be assignable and transferable according to such rules and regulations as the directors may establish from time to time in the by-laws of said company.

10. And be it enacted, That it shall be lawful for the directors to make dividends of so much of the profits of the company as shall appear advisable, among the stockholders, which dividends shall be paid out semi-annually to the parties entitled thereto, or to their legal representatives.

11. And be it enacted, That this act shall take effect from the date of its passage.

Approved March 17, 1870.

CHAPTER CCCCXLV.

An Act supplementary to "An Act to create a School District in the township of Clinton, in the county of Essex, to be called and known as the Irvington District," approved March seventeenth, eighteen hundred and sixty-nine.

WHEREAS, since the passage of the act to which this is a Preamble. supplement the boundary line between the city of Newark and the said township of Clinton has been altered by an act of the legislature, approved March twenty-fourth, one thousand eight hundred and sixty nine, and some part of the territory included within the bounds of said Irvington School District is now, by the operation of the last named act, included within the bounds of the said city of Newark, and it is desirable properly to define the boundaries of said school district; and whereas, the trustees of said school district desire further powers connected with the issuing of the bonds mentioned in the act to which this is a supplement; therefore,

1. BE IT ENACTED by the Senate and General Assembly of Boundaries of the State of New Jersey, That the boundaries of said school school district district shall be as follows: beginning at the bridge crossing Elizabeth river, below Drake's mill, on Union avenue; thence easterly along the county line to a lane leading from Prospect avenue past J. Best's house, and including said house; thence northeasterly to the west side of John Huffman's. house, on Prospect avenue; thence easterly to Lyon's avenue, north of William Lyon's house, to the corner of a street opposite to said house; thence northeasterly to Hawthorn avenue, east of Philip Tillinghast's, to the boundary line between the city of Newark and said township of Clinton as established by the said act approved March twenty-fourth, eighteen hundred and sixty-nine; thence along said boundary line between Newark and Clinton until it strikes a point on South Orange avenue at the dividing line between Newark and Clinton and South Orange; thence along the boundary line between Clinton and South Orange to Springfield

Interest on

avenue; thence passing on the west and south of William Avery's house, and including that house, to a point half way between the house of T. Shillingsford and J. M. Baker; thence southerly in a straight line to the beginning.

2. And be it enacted, That it shall and may be lawful for bonds may te the trustees of said district to insert in the bonds mentioned

paid semi

annually.

and referred to in the seventh section of the act to which this is a supplement conditions for the payment, semi-annually, of the interest on said bonds, and of all taxes which may be levied, assessed or imposed on the money mentioned in and intended to be secured by said bends until the principal thereof be paid.

3. And be it enacted, That this act shall be deemed a public act, and shall take effect immediately. Approved March 17, 1870.

Names of corporators.

Corporate

name.

Proviso.

CHAPTER CCCCXLVI.

An Act to incorporate the People's Savings Bank, of the City of
Trenton.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Frederick R. Wilkinson, Garret D. W. Vroom, Jchn L. Murphy, Moses D. Naar, Baltes Pickel, Isaac Wood, Joseph MacPherson, Frank S. Katzenbach, Daniel B. Coleman, Henry T. Cox, Joshua S. Day, Alpheus Swayze, Caleb Baker, William H. Barton, Alfred Reed, Crowell Marsh, John H. Scudder, be and are hereby constituted a body corporate and politic by the name of "The People's Savings Bank, of the City of Trenton," and by that name shall be capable of purchasing, taking, holding and enjoying, to them and their successors, any real estate in fee simple or otherwise, and any goods, chattels or personal estate which shall be necessary for the purposes herein mentioned, and of selling, leasing or otherwise disposing of the said real and personal estate, or any part thereof at their will and pleasure; provided always, that the clear annual

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